The global broth market size could cross more than USD 3 billion in yearly remuneration by 2026.
The global broth market will be significantly bolstered by the continued preference of consumers for healthy and ready to eat food items. These changes in dietary regimes have led to an inclination towards animal-based stocks & soups and packaged food products. The expanding older population and rapid urbanization have stirred the level of health consciousness in consumers.
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Consumption of shelf-stable vegetable broth
Global revenue of the shelf-stable vegetable broth market is pegged to strike a 3% CAGR through the coming years. This is due to the presence of health benefitting constituents like phytochemicals, anti-inflammatories, antioxidants, and vital minerals in this broth, which upon consumption is found to enhance human immunity. The surge in the global vegan population has also compelled consumers to substitute the meat present in the broth with vegetable sourced components.
Demand for frozen beef broth
Industry share of refrigerated beef broth is slated to rise at a 3.5% CAGR through the next few years considering the growth in beef consumption and production mainly in the U.S., China, Brazil, and Argentina. Refrigeration offers benefits like high preservation of the meat, enhanced shelf life as well as food safety during transportation.
A statistical report estimated that the per capita domestic consumption of beef in the U.S. reached more than 57.2 pounds in 2019. This penetration and the consistent activity pertaining to beef export and import will add impetus to the demand for refrigerated broth in these countries.
Growth from innovations in broth recipes
Solution providers in the broth market are keen on mergers, acquisitions, and novel product developments to increase their global presence and sustain competition. For instance, Pacific Foods, in February 2018, introduced the Organic Duck and Organic Poultry bone broth to broaden their organic bone broth portfolio.
The present COVID-19 pandemic has also called for numerous innovations in both meat and vegetable-based broths to cater to the nutritive and dietary requirements of the consumers. For instance, LonoLife in August 2020, introduced the beef bone and chicken bone broth noodle soups in the U.S. These broths mainly constitute collagens.
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Campbell Soup Company, Manischewitz, Knorr, General Mills, Del Monte, and Pacific Foods of Oregon are some of the other key players in the broth market. Broth based soups offer benefits to human health in the form of improved bone strength, immunity as well as metabolism.
There is a growing awareness regarding personal fitness in the younger and adult population base. Furthermore, the switch from consumption of health supplements and medicines to the higher intake of rich nutrient beverages will boost the penetration for meat and vegetable broths over the coming years.
North America as a key market
North America observes a higher rate of animal-based food consumption, hence there is a prominent presence of meat and bone broth in diets across the region. The North America broth market was responsible for over USD 585 million in revenue in 2019 and is poised to grow at a 2.5% CAGR up to 2026. The jump in the disposable incomes of consumers and their changing lifestyles has urged the intake of ready to eat food items. There is also an inclination towards healthy canned food that offers enhanced content.
The soup industry in the U.S is anticipated to register more than USD 7 billion by 2025. This can be owed to the higher preference for packaged food products and soups in the country. The increasing consumption of chilled soup on account of its healthy and fresh content in comparison to other alternatives will boost the prospects for the broth market in North America.
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